Exhibit 99.1
 W. R. Berkley Corporation
    
    NEWS RELEASE475 Steamboat RoadGreenwich, Connecticut 06830(203) 629-3000
 FOR IMMEDIATE RELEASE
    
    CONTACT:
    
    Karen A. HorvathVice President - ExternalFinancial Communications(203) 629-3000
 W. R. BERKLEY CORPORATION REPORTS SECOND QUARTER RESULTS
Book Value per Share up 4%
 Greenwich, CT, July 25, 2011  W. R. Berkley Corporation (NYSE: WRB)
 
 Second Quarter
    
    
    Six Months2011
    
    
    2010
    
    
    2011
    
    
    2010Gross premiums written
    
    $
    1,245,276
    
    
    $
    1,113,469
    
    
    $
    2,515,134
    
    
    $
    2,239,589Net premiums written
    
    
    1,057,415
    
    
    
    961,354
    
    
    
    2,140,718
    
    
    
    1,945,304Net income
    
    
    83,082
    
    
    
    110,207
    
    
    
    199,569
    
    
    
    228,817Net income per diluted share
    
    
    0.56
    
    
    
    0.70
    
    
    
    1.35
    
    
    
    1.44Operating income (1)
    
    
    68,746
    
    
    
    102,758
    
    
    
    166,443
    
    
    
    217,525Operating income per diluted share
    
    
    0.46
    
    
    
    0.65
    
    
    
    1.13
    
    
    
    1.37
 
 (1)
    
    Operating income is a non-GAAP financial measure defined by the Company as
net income excluding net investment gains and losses.




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##### 



W. R. Berkley Corporation
    
    Page 2
  
    
    Book value per share increased 4% to $27.77.
    
    Average premium rate increases approached 2%.
    
    Net premiums written increased 10%.
    
    GAAP combined ratio was 101.1% including catastrophe losses and 94.9% excluding
catastrophe losses.
    
    The Company repurchased 1.1 million shares of common stock at an average cost of
$31.80 per share and an aggregate cost of $36 million.




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##### 



W. R. Berkley Corporation
    
    Page 3
  www.wrberkley.com




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##### 



W. R. Berkley Corporation
    
    Page 4
 
 Second      Quarter
    
    
    Six Months2011
    
    
    2010
    
    
    2011
    
    
    2010Revenues:Net premiums written
    
    $
    1,057,415
    
    
    $
    961,354
    
    
    $
    2,140,718
    
    
    $
    1,945,304Change in unearned premiums
    
    
    (40,171
    )
    
    
    (13,226
    )
    
    
    (140,977
    )
    
    
    (66,615
    )Net premiums earned
    
    
    1,017,244
    
    
    
    948,128
    
    
    
    1,999,741
    
    
    
    1,878,689Net investment income
    
    
    149,072
    
    
    
    129,731
    
    
    
    295,198
    
    
    
    273,292Insurance service fees
    
    
    25,035
    
    
    
    20,390
    
    
    
    47,208
    
    
    
    41,875Net investment gains:Net realized gains on
investment sales
    
    
    23,290
    
    
    
    11,534
    
    
    
    52,574
    
    
    
    20,028Other-than-temporary
impairments
    
    
    (400
    )
    
    
    
    
    
    
    (400
    )
    
    
    (2,582
    )Net investment gains
    
    
    22,890
    
    
    
    11,534
    
    
    
    52,174
    
    
    
    17,446Revenues from wholly-owned
investees
    
    
    56,134
    
    
    
    52,929
    
    
    
    110,021
    
    
    
    104,505Other income
    
    
    574
    
    
    
    356
    
    
    
    958
    
    
    
    808Total revenues
    
    
    1,270,949
    
    
    
    1,163,068
    
    
    
    2,505,300
    
    
    
    2,316,615Expenses:Losses and loss expenses
    
    
    674,276
    
    
    
    570,475
    
    
    
    1,281,371
    
    
    
    1,120,448Other operating costs and
expenses
    
    
    402,359
    
    
    
    370,823
    
    
    
    787,190
    
    
    
    738,790Expenses from wholly-owned
investees
    
    
    55,855
    
    
    
    49,934
    
    
    
    109,671
    
    
    
    98,908Interest expense
    
    
    28,132
    
    
    
    26,014
    
    
    
    56,249
    
    
    
    52,055Total expenses
    
    
    1,160,622
    
    
    
    1,017,246
    
    
    
    2,234,481
    
    
    
    2,010,201Income before income taxes
    
    
    110,327
    
    
    
    145,822
    
    
    
    270,819
    
    
    
    306,414Income tax expense
    
    
    (27,309
    )
    
    
    (35,598
    )
    
    
    (71,309
    )
    
    
    (77,409
    )Net income before
noncontrolling interests
    
    
    83,018
    
    
    
    110,224
    
    
    
    199,510
    
    
    
    229,005Noncontrolling interests
    
    
    64
    
    
    
    (17
    )
    
    
    59
    
    
    
    (188
    )Net income to common
stockholders
    
    $
    83,082
    
    
    $
    110,207
    
    
    $
    199,569
    
    
    $
    228,817Net income per share:Basic
    
    $
    0.59
    
    
    $
    0.73
    
    
    $
    1.41
    
    
    $
    1.50Diluted
    
    $
    0.56
    
    
    $
    0.70
    
    
    $
    1.35
    
    
    $
    1.44Average shares outstanding:Basic
    
    
    141,637
    
    
    
    151,215
    
    
    
    141,408
    
    
    
    152,324Diluted
    
    
    147,677
    
    
    
    157,461
    
    
    
    147,614
    
    
    
    158,539




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##### 



W. R. Berkley Corporation
    
    Page 5
 
 Second Quarter
    
    Six Months2011
    
    2010
    
    2011
    
    2010Specialty:Gross premiums written
    
    $
    473,849
    
    
    $
    404,407
    
    
    $
    889,579
    
    
    $
    747,339Net premiums written
    
    
    405,433
    
    
    
    342,275
    
    
    
    763,550
    
    
    
    644,203Premiums earned
    
    
    349,943
    
    
    
    316,513
    
    
    
    680,150
    
    
    
    629,466Pre-tax income
    
    
    77,564
    
    
    
    75,177
    
    
    
    167,933
    
    
    
    150,847Loss ratio
    
    
    60.6
    %
    
    
    57.2
    %
    
    
    57.5
    %
    
    
    57.6
    %Expense ratio
    
    
    31.9
    %
    
    
    32.7
    %
    
    
    32.8
    %
    
    
    33.2
    %GAAP combined ratio
    
    
    92.5
    %
    
    
    89.9
    %
    
    
    90.3
    %
    
    
    90.8
    %Regional:Gross premiums written
    
    $
    280,841
    
    
    $
    286,711
    
    
    $
    579,682
    
    
    $
    589,352Net premiums written
    
    
    260,579
    
    
    
    258,543
    
    
    
    540,203
    
    
    
    530,575Premiums earned
    
    
    266,764
    
    
    
    266,629
    
    
    
    528,281
    
    
    
    530,298Pre-tax income (loss)
    
    
    (15,579
    )
    
    
    25,505
    
    
    
    9,319
    
    
    
    67,469Loss ratio
    
    
    77.6
    %
    
    
    62.2
    %
    
    
    70.1
    %
    
    
    59.7
    %Expense ratio
    
    
    36.3
    %
    
    
    35.5
    %
    
    
    36.2
    %
    
    
    35.5
    %GAAP combined ratio
    
    
    113.9
    %
    
    
    97.7
    %
    
    
    106.3
    %
    
    
    95.2
    %Alternative Markets:Gross premiums written
    
    $
    178,792
    
    
    $
    146,599
    
    
    $
    433,639
    
    
    $
    387,950Net premiums written
    
    
    121,819
    
    
    
    117,092
    
    
    
    322,373
    
    
    
    327,497Premiums earned
    
    
    148,999
    
    
    
    155,227
    
    
    
    297,336
    
    
    
    310,012Pre-tax income
    
    
    41,579
    
    
    
    45,571
    
    
    
    83,209
    
    
    
    96,556Loss ratio
    
    
    72.2
    %
    
    
    65.2
    %
    
    
    72.4
    %
    
    
    64.9
    %Expense ratio
    
    
    27.4
    %
    
    
    26.0
    %
    
    
    26.7
    %
    
    
    25.8
    %GAAP combined ratio
    
    
    99.6
    %
    
    
    91.2
    %
    
    
    99.1
    %
    
    
    90.7
    %Reinsurance:Gross premiums written
    
    $
    106,866
    
    
    $
    114,646
    
    
    $
    219,430
    
    
    $
    221,015Net premiums written
    
    
    99,550
    
    
    
    107,633
    
    
    
    205,904
    
    
    
    206,404Premiums earned
    
    
    105,836
    
    
    
    105,632
    
    
    
    211,314
    
    
    
    205,190Pre-tax income
    
    
    25,361
    
    
    
    30,157
    
    
    
    50,723
    
    
    
    64,577Loss ratio
    
    
    58.8
    %
    
    
    55.7
    %
    
    
    60.7
    %
    
    
    53.1
    %Expense ratio
    
    
    42.0
    %
    
    
    41.0
    %
    
    
    40.6
    %
    
    
    42.4
    %GAAP combined ratio
    
    
    100.8
    %
    
    
    96.7
    %
    
    
    101.3
    %
    
    
    95.5
    %International:Gross premiums written
    
    $
    204,928
    
    
    $
    161,106
    
    
    $
    392,804
    
    
    $
    293,933Net premiums written
    
    
    170,034
    
    
    
    135,811
    
    
    
    308,688
    
    
    
    236,625Premiums earned
    
    
    145,702
    
    
    
    104,127
    
    
    
    282,660
    
    
    
    203,723Pre-tax income
    
    
    11,511
    
    
    
    6,586
    
    
    
    14,026
    
    
    
    6,959Loss ratio
    
    
    58.7
    %
    
    
    61.1
    %
    
    
    62.5
    %
    
    
    64.4
    %Expense ratio
    
    
    41.1
    %
    
    
    41.2
    %
    
    
    40.1
    %
    
    
    42.4
    %GAAP combined ratio
    
    
    99.8
    %
    
    
    102.3
    %
    
    
    102.6
    %
    
    
    106.8
    %




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W. R. Berkley Corporation
    
    Page 6
 
 Second Quarter
    
    Six Months2011
    
    2010
    
    2011
    
    2010Corporate and Eliminations:Net investment gains
    
    $
    22,890
    
    
    $
    11,534
    
    
    $
    52,174
    
    
    $
    17,446Interest expense
    
    
    (28,132
    )
    
    
    (26,014
    )
    
    
    (56,249
    )
    
    
    (52,055
    )Other revenues and expenses (3)
    
    
    (24,867
    )
    
    
    (22,694
    )
    
    
    (50,316
    )
    
    
    (45,385
    )Pre-tax loss
    
    
    (30,109
    )
    
    
    (37,174
    )
    
    
    (54,391
    )
    
    
    (79,994
    )Consolidated:Gross premiums written
    
    $
    1,245,276
    
    
    $
    1,113,469
    
    
    $
    2,515,134
    
    
    $
    2,239,589Net premiums written
    
    
    1,057,415
    
    
    
    961,354
    
    
    
    2,140,718
    
    
    
    1,945,304Premiums earned
    
    
    1,017,244
    
    
    
    948,128
    
    
    
    1,999,741
    
    
    
    1,878,689Pre-tax income
    
    
    110,327
    
    
    
    145,822
    
    
    
    270,819
    
    
    
    306,414Loss ratio
    
    
    66.3
    %
    
    
    60.2
    %
    
    
    64.1
    %
    
    
    59.6
    %Expense ratio
    
    
    34.8
    %
    
    
    34.2
    %
    
    
    34.7
    %
    
    
    34.6
    %GAAP combined ratio
    
    
    101.1
    %
    
    
    94.4
    %
    
    
    98.8
    %
    
    
    94.2
    %
 
 (1)
    
    Loss ratio is losses and loss expenses incurred expressed as a percentage of premiums
earned. Expense ratio is underwriting expenses expressed as a percentage of premiums
earned. Underwriting expenses do not include expenses related to insurance services or
unallocated corporate expenses. GAAP combined ratio is the sum of the loss ratio and
the expense ratio.(2)
    
    For the second quarters of 2011 and 2010, catastrophe losses were $63 million and $30
million, respectively. These amounts are net of reinsurance coverage and reinstatement
premiums. Catastrophe losses in the second quarter of 2011 were primarily a result of
severe weather events that occurred in the U.S. in April and May, including multiple
tornados and hail storms. For the first six months of 2011 and 2010, catastrophe losses
were $88 million and $53 million, respectively.(3)
    
    Other revenues and expenses include corporate investment income, expenses not allocated
to the business segments and revenues and expenses from investments in wholly-owned,
non-insurance subsidiaries that are consolidated for financial reporting purposes.




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W. R. Berkley Corporation
    
    Page 7
 
 June 30, 2011
    
    December 31, 2010Net invested assets (1)
    
    $
    14,251,620
    
    
    $
    13,918,768Total assets
    
    
    18,195,124
    
    
    
    17,528,547Reserves for losses and loss expenses
    
    
    9,195,675
    
    
    
    9,016,549Senior notes and other debt
    
    
    1,501,739
    
    
    
    1,500,419Junior subordinated debentures
    
    
    242,893
    
    
    
    242,784Common stockholders equity (2)(3)
    
    
    3,912,807
    
    
    
    3,702,876Common stock outstanding (3)
    
    
    140,911
    
    
    
    141,010Common stockholders equity per share (3)
    
    
    27.77
    
    
    
    26.26
 
 (1)
    
    Net invested assets include investments, cash investments and cash equivalents, trading
accounts receivable from brokers and clearing organizations, trading account securities
sold but not yet purchased and unsettled purchases.(2)
    
    After-tax unrealized investment gains were $388 million and $335 million as of June 30,
2011 and December 31, 2010, respectively. Unrealized currency translation losses were $33
million and $42 million as of June 30, 2011 and December 31, 2010, respectively.(3)
    
    During 2011, the Company repurchased 1.1 million shares of common stock at an
average cost of $31.80 per share and an aggregate cost of $36 million.




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W. R. Berkley Corporation
    
    Page 8
 
 Second Quarter
    
    
    Six Months2011
    
    
    2010
    
    
    2011
    
    
    2010Reconciliation of operating income
to net income:Operating income (1)
    
    $
    68,746
    
    
    $
    102,758
    
    
    $
    166,443
    
    
    $
    217,525Investment gains, net of tax
    
    
    14,336
    
    
    
    7,449
    
    
    
    33,126
    
    
    
    11,292Net income
    
    $
    83,082
    
    
    $
    110,207
    
    
    $
    199,569
    
    
    $
    228,817Return on equity (2)
    
    
    9.0
    %
    
    
    12.3
    %
    
    
    10.8
    %
    
    
    12.7
    %Cash flow from operations
    
    $
    160,949
    
    
    $
    129,511
    
    
    $
    216,392
    
    
    $
    186,670Other operating costs and expenses:Underwriting expenses
    
    $
    353,814
    
    
    $
    324,599
    
    
    $
    692,999
    
    
    $
    650,202Service expenses
    
    
    19,562
    
    
    
    18,411
    
    
    
    36,891
    
    
    
    36,955Net foreign currency
(gains) losses
    
    
    9
    
    
    
    1,316
    
    
    
    529
    
    
    
    (3,711
    )Other costs and expenses
    
    
    28,974
    
    
    
    26,497
    
    
    
    56,771
    
    
    
    55,344Total
    
    $
    402,359
    
    
    $
    370,823
    
    
    $
    787,190
    
    
    $
    738,790
 
 (1)
    
    Operating income is a non-GAAP financial measure defined by the Company as net income
excluding net investment gains and losses. Management believes that excluding net
investment gains and losses, which are often discretionary and frequently relate to economic
factors, provides a useful indicator of trends in the Companys underlying operations.In 2011, the Company modified its definition of operating income to include income and losses
from investment funds, which had previously been excluded. Operating income for prior periods
has been modified to conform to this definition. For the second quarters of 2011 and 2010,
income from investment funds was $17.0 million and $1.5 million, respectively. For the first
six months of 2011 and 2010, income from investment funds was $31.5 million and $6.3 million,
respectively.(2)
    
    Return on equity represents net income expressed on an annualized basis as a percentage of
beginning of year stockholders equity.




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W. R. Berkley Corporation
    
    Page 9
 
 Carrying
    
    PercentValue
    
    of TotalFixed maturity securities:United States government and government agencies
    
    $
    1,177,289
    
    
    
    8.3
    %State and municipal:Special revenue
    
    
    2,129,715
    
    
    
    14.9
    %Pre-refunded
    
    
    1,419,472
    
    
    
    10.0
    %State general obligation
    
    
    996,628
    
    
    
    7.0
    %Local general obligation
    
    
    415,706
    
    
    
    2.9
    %Corporate backed
    
    
    499,179
    
    
    
    3.5
    %Total state and municipal (1)
    
    
    5,460,700
    
    
    
    38.3
    %Mortgage-backed securities:Agency
    
    
    1,104,024
    
    
    
    7.7
    %Residential  Prime
    
    
    266,080
    
    
    
    1.9
    %Residential  Alt A
    
    
    50,536
    
    
    
    0.4
    %Commercial
    
    
    56,098
    
    
    
    0.4
    %Total mortgage-backed securities
    
    
    1,476,738
    
    
    
    10.4
    %Corporate:Industrial
    
    
    1,211,591
    
    
    
    8.5
    %Financial
    
    
    775,776
    
    
    
    5.4
    %Utilities
    
    
    205,924
    
    
    
    1.4
    %Asset-backed
    
    
    308,666
    
    
    
    2.2
    %Other
    
    
    112,323
    
    
    
    0.8
    %Total corporate
    
    
    2,614,280
    
    
    
    18.3
    %Foreign government and foreign government agencies
    
    
    550,502
    
    
    
    3.8
    %Total fixed maturity securities (1)
    
    
    11,279,509
    
    
    
    79.1
    %Equity securities available for sale:Common stocks
    
    
    348,259
    
    
    
    2.5
    %Preferred stocksFinancial
    
    
    92,582
    
    
    
    0.7
    %Real estate
    
    
    26,199
    
    
    
    0.2
    %Utilities
    
    
    44,012
    
    
    
    0.3
    %Total equity securities available for
sale
    
    
    511,052
    
    
    
    3.7
    %Cash and cash equivalents (2)
    
    
    951,214
    
    
    
    6.7
    %Arbitrage trading account
    
    
    474,787
    
    
    
    3.3
    %Investment in arbitrage funds
    
    
    59,728
    
    
    
    0.4
    %Investment funds
    
    
    545,794
    
    
    
    3.8
    %Loans receivable
    
    
    311,663
    
    
    
    2.2
    %Real estate
    
    
    117,873
    
    
    
    0.8
    %Net invested assets
    
    $
    14,251,620
    
    
    
    100.0
    %
 
 (1)
    
    For state and municipal securities, the average rating was AA and the average duration was
3.8 years. For total fixed maturity securities, the average rating was AA and the average
duration was 3.5 years.(2)
    
    Includes trading accounts receivable from brokers and clearing organizations,
trading account securities sold but not yet purchased and unsettled purchases.